Singapore-based XL Ventures has received in-principle approval from the Monetary Authority of Singapore for a Capital Markets Services (CMS) license to operate as a Venture Capital Fund Manager.
The firm, founded by Amit Sharma and Saroj Mishra, focuses on early-stage startups that apply data, sensors and artificial intelligence to improve energy use in commercial buildings and power infrastructure.
Its investment approach centres on technologies that are ready for implementation and have the potential to reduce emissions in resource-intensive sectors.
The founders said that while long-term breakthroughs remain important, existing tools such as software and AI can already help make large systems more efficient.
They added that many of these systems still operate independently and with conservative safety buffers, creating room for optimisation.
XL Ventures intends to support startups in setting up operations and expanding in Asia, and is looking to work with established companies in the region to support market entry and distribution.
The firm is currently working with several UK-based startups seeking to enter Asian markets, where Sharma and Mishra say there is increasing alignment between technology adoption and sustainability goals.
Sharma previously held a global business development role at Tech Mahindra.
Mishra is the co-founder of payments company Tazapay and Singapore-based advisory firm Bayfront Capital Advisors.
Featured image: Edited by Fintech News Singapore, based on image by mkmult via Freepik
